General Motors, the US car manufacturer, has reported a $38.7 billion loss for 2007, the largest ever annual loss for an automotive firm.
The motor manufacturer said on Tuesday that it was planning to offer voluntary redundancy or early retirement options to about 74,000 unionised workers in a bid to cut labour costs.
For the fourth financial quarter the company posted a net loss of $722 million, or $1.28 per share, compared with net income of $950 million, or $1.68 per share, the previous year.
General Motors also posted combined losses of almost $1.7 billion in North America and Europe that wiped out gains of $437 million from operations in emerging markets in Asia and Latin Americ
largest ever annual loss for an automotive fi
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